Miners Transferred $1.7 Billion in BTC to Binance

Miners transferred a large batch of BTC to Binance, and their reserves have approached a more than five-year low. This is a risk signal: if miners sell the coins, the pressure on the price will increase. While purchases by exchange-traded funds are holding back this pressure, there is also a plus for long-term investors: miners' reserves are dwindling, which means their sales may decrease in the future.

According to CryptoQuant analyst Amr Ta, on October 26, miners transferred 21,140 BTC to Binance. The coins were worth about $1.7 billion at the time of the transaction. The inflow from miners to the exchange exceeded 20,000 BTC for the sixth time since February 2026.

Miners' reserves have decreased to approximately 1.19 million BTC, which is almost the lowest level in over five years. At the beginning of 2024, miners held about 1.22 million BTC, approximately 30,000 BTC more than current values. The outflow from reserves did not stop even in 2024 and 2025, when the price of Bitcoin rose significantly.

Why miners are selling

The analyst highlights several reasons. Miners pay for electricity, equipment, cooling, and salaries in regular currencies, while their income is in Bitcoin. A high price allows them to lock in profits, and strong demand and large trading volumes help sell a large batch through an exchange or over-the-counter deal. Another factor is the halving: miners are preparing for it, saving money and upgrading equipment.

ETFs are increasing investments

The iShares Bitcoin Trust ETF from BlackRock received about $105 million on October 26, and another $133 million the next day. The inflow over two days reached $238 million.

According to Ta, the behavior of miners and ETF participants diverges: the former are transferring coins to the exchange, while the latter are increasing investments. He noted this as a signal for price growth. Transferring to a trading platform does not yet mean a sale, although it often precedes it. If demand from funds weakens, miners' sales could hit the price harder.